The following information is taken from the records of Wildlife Florist. The company uses the perpetual inventory system. Date Description Units Unit Cost(RM) Dec 1 Opening inventory  200 20 Dec 5 Sale 108   Dec 6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300   Dec 19 Purchase 350 21 Dec 29 Purchase 150 18 Dec 30 Sale 400           a) Calculate each unit of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: i. FIFO ii. Weighted average b) Assume each unit was sold for RM25. Complete the following partial income statements:   FIFO Weighted Average Sales      Less: Cost of Sales     Gross Profit

Q: Using the weighted average method, complete the steps below to calculate the ending inventory units,…

A: Cost of Goods Sold (COGS) is a fundamental accounting metric that represents the direct costs…

Q: 2. 1. Compute cost of goods available for sale and the number of units available for sale.…

A: Cost of goods available for sale :— It is the sum of value of beginning inventory and cost of…

Q: Novak Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit.…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (c) weighted average, and…

A: First in First Out (FIFO): It is a method of inventory valuation under which closing inventory is…

Q: It says the answer is complete but not correct . Can you tell me the right answers

A: Firstly you have totaled cost of goods sold and the inventory in 26 January row. The total shouldn't…

Q: Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3   Inventory 12…

A: a) First In, First Out   Purchases Sold Inventory Date Qty Unit cost Total cost Qty Unit cost…

Q: Johnson Corporation has the following inventory items: Market/Unit $22 $25 $48 Item ABU А DR Units…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Use the following information to compute ending inventory in a perpetual inventory system which…

A: The correct option is  C.) $494

Q: Required information [The following information applies to the questions displayed below.] Hemming…

A: The periodic inventory system determines the cost of ending inventory and the cost of goods sold…

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases…

A: The objective of the question is to record the inventory, purchases, and cost of merchandise sold…

Q: Work's ending inventory for th Unit Quantity 150 140 48 29 Unit Market Value $ 12 14 13 Cost 12 14…

A: a) Inventory is valued at lower of cost or market value under least of cost or market rule (LCM).…

Q: Requir [The following information applies to the questions displayed below.] Tree Seedlings has the…

A: LIFO means last in first out where as FIFO means first in first out.Inventory and cost of goods sold…

Q: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system.…

A: Periodic and Perpetual inventory systems are two important systems of cost accounting that are used…

Q: Required The company uses a perpetual inventory system. Determine the costs assigned to ending…

A:

Q: Determine the ending inventory under a perpetual inventory system using Moving Average and LIFO…

A: Inventory valuation refers to the valuation of inventories using the valuation methods such as FIFO…

Q: emming Company reported the following current-year purchases and sales for its only product. Date…

A: Under perpetual FIFO method, record is maintained for each inventory transaction and inventory that…

Q: Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales…

A: LIFO stands for Last In First Out.Using LIFO, the newer inventory is sold out first and older…

Q: See the picture for other details. choose the letter of answer Using perpetual inventory system…

A: Perpetual inventory system is an inventory system in which all sales and purchases are recorded on…

Q: Following is partial information for the income statement of Arturo Technologies Company under three…

A: Cost of goods sold means the amount incurred on the making of the goods sold by the entity in the…

Q: ABC Ltd. Uses the periodic inventory system and provided the following data: Cost Per Unit Date 1/2…

A: As per FIFO method, the inventory purchased first will be sold first. It is a method of pricing the…

Q: PART 4 – Determine ending inventory and cost of goods sold under each of the 3 inventory costing…

A: Inventory costing methods: FIFO method: First in first out method means the items purchased first…

Q: January 20 January 25 January 30 Purchase Sales Purchase 110 units e $ 6.00 = 660 130 units $ 16.00…

A: Under FIFO cost assumption, the inventory acquired first, will be sold first.

Q: 6 7 8 9 10 11 12 13 Date Jan 1 Jan 3 Jan 6 Jan 15 Jan 22 DATA Description Inventory on hand Purchase…

A: Number of units purchased = 9000 + 13000 = 22000Number of units sold = 8500 + 12000 = 20500Ending…

Q: Required information [The following information applies to the questions displayed below.] Laker…

A: Method of Valuation of Inventory,  Three are mainly three method which are been followed to value…

Q: of goods sold for the FIFO and the LIFO method based on the information

A: FIFO stands for First in first out . It means the inventory which is purchased first will be sold…

Q: Assume that AB Tire Store completed the following perpetual inventory transactions for a line of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Ending units = Total units available for sale - Total units sold = 80 - 42 = 38 units

Q: Required information [The following information applies to the questions displayed below)…

A: Perpectual inventory system:It is an inventory calculating method in  accounting  in which inventory…

Q: Required information Use the following information for the Exercises 3-7 below. (Static) [The…

A: Perpetual Inventory costing: Under this system, the inventory account keeps on changing. when there…

Q: Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details…

A: The calculation for the cost of inventory on December 31 using the FIFO method: Model Quantity…

Q: I have to make a purchase schedule of inventory including the following below and figure out what…

A: The ending inventory is valued using various methods as: LIFO (Last in first out)  FIFO (First in…

Q: Spotter Corporation reported the following for June In Its perlodic Inventory records. Date…

A: Date Description Units Unit cost Total cost June 1 Beginning 12 $8 $96 11 Purchase 38 9 342 24…

Q: Take me to the text a) Fill in the missing numbers in the inventory schedule using the…

A: a)   Calculation of missing figures using the weighted average cost method:   Ending results are as…

Q: Calculate cost of goods sold and ending inventory under LIFO, FIFO, and moving-average cost under…

A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…

Q: Required information Use the following information for the Exercises below. [The following…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Prepare journal entries to record the following transactions, assuming perpetual inventory updating…

A: Journal entries are the record of daily business transactions. These are reported in the books in…

Q: (Appendix 6B) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.